However, being a “good” landlord isn’t so straight forward. There’s an unenjoyable learning curve to climb and many bullshit experiences to be burnt by before realising what’s actually going on and knowing right from wrong. It’s all a bit of a euphoric blur, because life is just easier when you don’t know the rules. Ignorance is bliss.

Only when you’ve mustered together a bit of experience, learned the ropes, and then broken down each and every step of being a landlord, from start to finish, you realise how many steps there are. The journey isn’t glamorous or enjoyable, it’s much like working in retail- you’re mostly dealing with broken products and unreasonable people with unsavoury odours exiting every orifice. However, by the end of it, there are some positives to takeaway.

From personal experience and development, one of the most notable and positive changes appears on my balance sheet. Overtime my expenditure has drastically declined, and that’s a beautiful thing.

How did I do it? It’s largely due to the fact that I’m less of an idiot. ‘Wiser’, if you will. Whatever the case may be, I’ve learned and become better at cutting the financial fat and realising what actually keeps the costs down. It isn’t always the cheapest products.

A lot of people will be reading this article, salivating by the prospect of being pointed towards the cheapest alternative products on the market. Unfortunately, you people are going to be bitterly disappointed, and left scratching your asses wondering if the title of this post contains several misprints. I assure you, it doesn’t. However, what I do discuss is BETTER; more reliable, and more efficient ways of maximising profits and keeping costs down. But let me make it clear, there is, unfortunately, no special recipe. If there was, I’d be semi-retired, and selling the recipe for a shitload, while drowning in a sea of tits. But I’m not, I’m here, with you, blogging on a Friday night, while my mum is downstairs separating my whites from my colours.

A lot of what I discuss may seem like common sense, and I guess it is, and that’s why much of what I’ve written here is already be covered in my Guide for new Landlords, but that’s the thing, I’ve learnt that most of the best money saving tips is based on general good practice, and nothing else.

1Only use good tenants

This is by the far the best and most powerful piece of advice I can offer, and yet it’s so primitive.

Go out of your way to find good tenants, nothing less. It sounds so simple, but in reality it can be one of the toughest aspects of being a landlord, because you never know who you’re dealing with beyond the surface.

People are idiots; they’re unpredictable, they’re selfish, they carry morbidly disgusting habits, and they struggle to value and respect other peoples possessions. It’s a bad combination of attributes for any landlord.

It doesn’t matter how or where you source a tenant, whether it be through an experienced local high-street letting agent or whether you take matters into your own (un)experienced hands, landlords are ALWAYS prone to falling victim to rogue tenants.

Good tenants will pay rent on time, they will take care of your property by treating it like their home, and they will keep on top of repairs and maintenance. They WILL make you money. Bad tenants, on the other hand, will suck you dry (not in a good way), and make you want to curl up into a ball and contemplate pulling the trigger.

Besides from your property, your tenant is your most valuable asset. They hold the keys, they are the gatekeeper to your success (or utter misery). I’ve witnessed tenants effortlessly take down empires like they were knocking down Lego skyscrapers. How many landlords with small portfolios (which is the majority) can comfortably survive if a tenant falls 4-8 months in arrears and refuses to vacate the property? Not many.

Finding good tenants is by far the best way to maximising your profits, and minimising your costs. There is no silver-bullet solution to finding impeccable tenants, and it doesn’t help that bad tenants are distinctively getting better at masquerading as good tenants. It’s truly a minefield out there. However, the best we can do as landlords is minimize our risk of bagging ourselves a disaster by thorough tenant referencing.

2Don’t be an asshole

Most landlords are oblivious to the fact they’re obligated to provide their tenants with a certain level of service. That includes, fulfilling legal obligations, attending to maintenance and repairs in a timely fashion, and providing safe living conditions. Sounds simple and obvious. It is. But apparently it’s too much to ask for.

Now, if your conscience allows you to conduct business like that, it may seem like a real money-saver. Neglecting repairs is money in the bank, right?

Wrong.

I would happily neglect maintenance issues and provide poor living conditions if I thought it made financial sense. But it doesn’t. Being a cheap and neglectful landlord is a false economy.

Generally, what kind of person would continue renting off a landlord that provides a poor service? Simply, poor quality tenants, and they’re the most expensive kind of tenants. They’ll treat the property recklessly and continue to drain the funds. And those tenants that have a shred of self-respect and intelligence will vacate and take matters further, and that will lead to prosecutions, a high tenant turnover rate and frequent vacate periods, which of course is all expensive.

Whichever way you look at it, being an asshole landlord is a losing battle and stressful on the piggy-bank.

Value your tenants, recognise their importance for your own success.

3Online letting agents

Forget the conventional high-street letting agencies, they’ve had their day, now get with the times by giving an online letting agent a spin (if you haven’t done so already). You can potentially save thousands. I have, and so have many others.

These days, the most reputable online letting agents offer the same core services high-street agencies do, and that includes rent collection and management, but more importantly, they also market properties on the biggest property portals like Rightmove and Zoopla (where almost all agents, whether online or highstreet, generate most of their enquiries). The only noteable differences between the two options, as far as I’m concerned, is;

1) Online agents don’t have a shop-front where you can walk into. They operate out of an office.

2) Online agents don’t take the viewings, that’s left down to the landlord. But I don’t see that as a bad thing, and it’s definitely not a reason to shy away from the idea, because I believe it’s actually better for the landlord to take viewings, as it allows for a more thoroughly and personal screening process.

3) They’re considerably cheaper than high-street agents because they don’t have the same overheads to cover, so simply, they can be.

Online agents work on a fixed cost price plan, and there are no hidden costs, or horrendous ‘admin/application fees’ or ‘tenancy renewal fees’ that seem to mysteriously get riddled into the high-street agents pricing structure and small print. If an online agent say they’re going to market your property for £50 and generate enquiries, that’s exactly how much you’ll pay- not a penny more.

Want a real life experience of a cost comparison? I used a high-street agent to find me tenants, their fee was £700, plus additional tenancy renewal and admin fees. Later that year, after I learned about online agents, I received the same service for £50, with no hidden/additional fees. I paid over 170% less with an online agent.

Extra resources

4 Mortgages

Remortgaging
Regularly assess your BTL mortgage policy and determine whether there’s a better deal for you out there. This is something many landlords don’t even contemplate doing, but it’s one of the easiest and effective ways of saving a tonne. In real terms, it could be the difference between having extra disposable income to enjoy regular nights of passion filled frolics with the local cum-dumpster or… not.

Mortgages are typically the biggest expense for landlords, so even if you can find a deal that offers a marginally smaller interest rate, you could stand to make a killer saving, and the savings could be instant.

Talk to your bank, talk to local/recommend mortgage brokers, look on comparison websites, and see if your mortgage can be bettered.

Extra resources

5Landlord Insurance

Landlord building Insurance
Many landlords allow their BTL building insurance policy to expire (it’s usually required to get a mortgage), and that’s probably one of the most foolish, dumb-founded mistakes possible to make. I can’t emphasise it enough.

It doesn’t make sense to live life without building insurance. The maths is simple: pay approximately £150 a year for insurance, or stand to lose your entire investment by an accidental fire. Not to mention, you’ll still be liable to pay the mortgage- imagine how demoralising that would be, paying off debt for a pile of rubble? Always have building insurance in place, it could save you from financial ruin and suicide. Literally.

Regularly look for better deals before renewing your existing policy (if you have one), whether it’s time to renew or not (if not, you’ll know to renew when it’s time). It takes 10-20mins and you can save a bundle. Last time I saved approximately £260 when renewing my insurance policy just by using a price comparison tool and it took all of 20mins to set everything up.

What landlord doesn’t want the satisfaction of knowing their rent is insured? Exactly.

I always recommend landlords to get the policy when dealing with the new tenants that have yet to earn their trust. Once a healthy and reliable working relationship is established, it makes more sense to allow the policy to expire. Until then, no. Just no.

Avoid cheap crap: cheap shit seems appealing, we all love it, especially when we’re buying it for someone else’s pleasure. But it’s a false economy, because you’ll be forever replacing the flimsy, ‘Pound Store’ fittings, and by the time you realise what’s happening, you would have spent more than double the amount than if you had used quality products in the first place.

Buy-to-let properties take a beating, it’s the nature of the beast, so it’s crucial to use durable products that can withstand pain and abuse. You’ll end up saving money in the long run. Here’s a more detailed article on how to make your BTL more durable when decorating

Choose your battles wisely: the idea of rolling up your sleeves and doing all the dirty work can be liberating and financially savvy. But that’s the thing, are you actually saving money? Some times it’s actually cheaper to call in the professionals, because they’ll grind through the work in the fraction of the time it will take you. I value my time, make sure you value yours.

Call in the professionals when required: if a task is out of your skill-set, then get someone qualified in. It will usually work out cheaper than rectifying your bodge-job.

Only provide/do what is required: Keep it simple. Don’t get carried away when you’re decorating. Only supply the essentials, and nothing else. The more you provide with the property, the more it will cost you in every sense, especially maintenance.

Avoid light colours: I’ve learnt this painfully expensive lesson all too well, and I dread to think how much money I’ve squandered because of it. I used to be one of those poncy idiots that would kit out properties like they were dental practises; white walls and magnolia carpets. Looked amazing. Unbelievably impractical. Complete money sink.

It’s extremely difficult to keep light walls and carpets clean, and generally speaking, it’s work that most tenants won’t do. After every tenant vacated, I would be pouring money into replacing the carpets and repainting the walls.

I find that mid-toned browns and greys are most practical/durable. They don’t cast too much of a shadow (especially in rooms with access to natural lighting) and they’re neutral so they go with most other colours.

Get quotes: Obvious one. Always get quotes from reputable labourers for any work you need assistance with. It’s amazing how much money can be saved by this simple, yet amazingly effective practise. I’ve saved thousands just by getting 3 quotes for each job.

Kitchen refurbs: Kitchens and bathrooms are the real sellers in rental properties. In fact, any home. It’s where most of the money should be spent, and usually is.

I recently had to refurb an entire kitchen, and the escalating costs were shit-my-pants scary. I didn’t think there was any way of avoiding it. But then someone pointed me in the direction of ‘Replacement Kitchen Door’ websites. Seems so obvious, but it wasn’t at the time. I used a website called Hot Doors (I have no affiliation with this website) and just ordered new kitchen doors/drawers and hinges, which cost a few hundred pounds. I fitted the doors myself (used the existing carcases), laid down some new laminate flooring, and painted the walls, and the entire kitchen was transformed for practically nothing. Most people just venture down to their local B&Q and walk out with a new asshole after being sold a completely new kitchen that set them back a few G’s.

7Maintenance & Repairs

Attend to maintenance & repairs quickly
Landlords LOVE either neglecting or delaying maintenance jobs, because in their puny little mind, they think it’s a good way of avoiding costs. On the contrary, it’s actually a pretty reliable and solid money-pitt. There’s no prospect for financial gain in delaying maintenance and repairs, because in most cases, it’s something that will eventually have to be dealt with and the longer it remains ignored, the more likelihood of costs escalating.

The major problem with leaving maintenance issues unattended is that they can quickly manifest into more serious problems. For example, a simple loose tap could lead to corrosion and damp issues. So instead of simply tightening a bolt in the first place, you could end up spending hundreds of pounds, to replace ruined kitchen unit carcasses and addressing mold related issues.

Personally assess all reported problems
This is crucial, trust me. I’ve learned this from personal experience.

Personally assess all reported maintenance issues before deciding what to do and seeking professional help. In many cases, the issues can be easily resolved without a professional.

Always assume your tenant is an incompetent and lazy idiot. In reality, tenants are lazy, and it’s far easier for them to report a problem than trying to resolve it themselves, despite how rudimentary it is. You don’t want to spend money on calling a professional out when you don’t need to!

Avoid letting agent to take control of repairs
Don’t allow your letting agent/tenant to take responsibility for fixing problems with the convenience of being billed later. That’s usually the most impractical and expensive way of dealing with maintenance problems. This is tricky for overseas landlords, and landlords that don’t live with in a reasonable distance from the property.

Get quotes
Similarly to what I already discussed in the decoration section, always get quotes from reputable labourers for any work you need assistance with. I’ve saved thousands just by getting 3 quotes for each job.

Call in the professionals when required
If a task is out of your skill-set, then get someone qualified in. It will usually work out cheaper than rectifying your monkey bodge-job.

Gas/Plumbing
All gas work must be undertaken by a “Gas Safe” registered engineer- this is a required qualification. You definitely don’t want to be caught in a legal battle for negligence when it comes to safety! You WILL get taken to the cleaners.

Choose your battles wisely
Again, a point I already brushed over in the decoration section.

Before spending days upon days trying to resolve a problem, determine whether or not you’re actually saving money doing it yourself over a professional. Some times it’s actually cheaper to call in the professionals, because they’ll grind through the work in the fraction of the time it will take you. I value my time, make sure you value yours.

8Letting Agent Fees

The single biggest money-pit in the industry, and the most psychologically painful (because the service rarely meets expectations) is dealing with snake-oil high-street letting agents and their ridiculous fees. They’ll eat through your cash faster than termites can chew off your honey-covered penis.

They’re notoriously good at squeezing every last penny out of landlords/tenants by promising them the world, and riddling hidden and unjustifiable fees into their pricing structures. They’ve got so good at it that they don’t even realise they’re doing it. It’s truly an art form. Well, just as much as creating sculptures out of dogshit. Nevertheless, arguably art.

So, if you’re going to go down the route of using a traditional high-street letting agent, you need to be in top form and have your wits about you before signing any contracts. Here are a few of my tips:

Options: research all your local options. Don’t just go with the agent closest to your doorstep.

Be wary of hidden costs: a good agent will be completely transparent with their pricing structure, and that’s precisely why there are so few of them.

Always confirm and reconfirm with them what their costs are and then get it in writing- it will usually be covered in the contract. Read it with immense care! Pay special attention to any penalty fees because they’re usually extortionate.

Tenancy renewal fees: One of the more notorious “unfair” costs that many letting agents apply is the “tenancy renewal fee”. A good agent will NOT force this charge because it’s ridiculous (in my personal opinion), and it’s a good indication of when to walk away and look for a reasonable alternative.

I recently received an email from someone that had to pay £700 just to keep hold of their tenant, one which they already paid for. That’s £700 per year!

Regulated agencies: any agent that’s worth a damn will be registered with an approved redress scheme. Agent members of a scheme are required to abide by a code of conduct; failing to do so can have the consequences of financial compensation to the consumer. Here’s an article on how to tell if a letting agent is a member of a regulatory scheme

Don’t blindly sign contracts: one of the most tragic mistakes landlords make, and it’s such a stupid one, too.

No one likes reading contracts, there’s no fun it. However, the alternative is needlessly pissing your profits away. Put 30mins aside and just do it.

Read every last word, especially the small-print, and make sure everything is as expected. If you’re unsure, don’t feel pressured to sign there and then, take a copy and ask someone more qualified to look over it.

Generally, if a clause related to fees sounds dubious and convoluted, you’re probably being riddled out of money in some shape or form. Make you sure you clearly understand each and every clause.

Reoccurring costs: ensure there are NO unnecessary reoccurring costs, and if there are, find out exactly what and why they exist. The tenancy renewal fee falls into this bracket, but there are always plenty of other imaginative ways they manage to sneak in their fees.

Extra services: one of the most lucrative ways for letting agents to make an easy buck is by selling extra services, most noteably the one’s that are sold on the basis of being required legally. Things like Gas Safety Certificates and EPC’s.

Agents generally get third party contractors to handle the services, but they apply a hefty mark-up on the prices, making them pretty inflated. Of course, I don’t blame them, they just want a piece of the pie. However, it’s generally a lot cheaper to gracefully decline their expensive offers, and to directly approach contractors yourself.

Fair for tenants: don’t just focus on what you’ll be paying, think of your prospective tenants. Find out what fees they pass onto tenants, because you might be amazed and appalled by how they’re charging both parties for the same services. It’s not unheard of.

What happens when the contract expires? letting agents like to sink their teeth in, deeply. Once they’ve sourced you a tenant, many of them consider the tenant their property, and not yours, despite the fact you paid for the privilege. So what happens when the contract expires and you wish to keep the tenant? That’s a good question, so make sure you find out.

Ideally, the agent won’t hold onto the tenant and won’t pass on extra fees for you to retain the tenant.

9Tenancy Deposit

Tenancy deposit
I’m going to keep this short and sweet. Always take a deposit.

It’s not unheard of for crazy crack-head landlords to neglect this step. No idea why and I don’t particular care. But take one. It will save you time and money if your tenant vacates while leaving behind a decaying pile of shit that’s clogged up your pipes.

Inventory
Before any tenant moves in, you should conduct an inventory. An inventory is a listing of all the contents of a property and a record of the condition of the property and the items, which is usually supported by images.

Inventories are particularly useful for when the tenant vacates, as it will allow landlords and tenants to assess if any damage has been caused during the tenancy (which doesn’t constitute as wear & tear) and then deduct costs from the deposit appropriately.

You can compile the inventory yourself with the assistance of your tenant. However, there is also the option of getting an independent and impartial inventory company to compile the report for you, but obviously that comes at a cost (approx £80). However, it might be worthwhile if you’re providing a furnished property.

If I had a penny for every time a landlord said, “Oh, I wish I did an inventory, I would have saved a tonne on repairs” I’d truly only have a few pennies. But that’s the problem, most landlords are oblivious.

10EPC (Energy Performance Certificates)

Energy Performance Certificates are one of those bullshit legal obligations that we can all do without, and quite frankly, no one gives a shit about them. They’re meant to benefit tenants, but from my experience, 99% aren’t even aware of their existence or purpose. But I guess that’s not the point.

In any case, the only saving grace behind this nonsense is that they’re relatively cheap, but only when sourced from the right places.

To get the best rates, don’t use letting agents to source your EPC. They’ll mark that shit up until it constitutes as daylight robbery. Search for “Landlord EPC Certificates” on Google, and you’ll find independent suppliers offering the same service for £35. I’ve seen agent’s charge £100+. Ouch!

11Tenancy Agreements & Documents

AvailabilityTenancy agreements and other documents, like Guarantor forms are widely available (you can even pick them up from WH Smiths). Some are good, some are bad. But in all cases, they’re relatively cheap, if not free.

If you’ve been lead to believe that you need to get one drafted by a letting agent or a specialised solicitor in order for it to be legally binding, you’ve been mislead. Although, if your tenancy compromises odd circumstances, it might be worth talking to a solicitor and/or contract specialist. However, in most cases, that’s not necessary.

I’ve spoken to a few donkey letting agents that like to take advantage of the naive by implying that tenancy agreements need to be sourced and drafted by a legal entity (they’re usually pointing at themselves at this point), but it’s nonsense. They just want £100 to photocopy a contract. Don’t fall victim! Just say NO!

Tenancy Agreements
Keep tenancy agreements as short as possible, which is 6 months, allowing for maximum flexibility if shit hits the fan e.g. tenants fall into arrears and become rogue.

Many landlords make the mistake of providing 1 year or even 2 year contracts (this is especially dangerous with new tenants). While it may seem like good practice, to secure tenants, it’s an extremely flamboyant move, because you’re betting on the tenant’s circumstances to remain consistent. That’s the riskiest bet you can make in Vegas- the odds are NOT in the landlord’s favour!

Keep the tenancies short and allow them to roll into a periodic tenancy. That will keep you in a position where you can terminate the tenancy as quickly as possible if you need to.

The amount of times I’ve heard landlords being unable to repossess their properties because they’re locked into long tenancies is scary. You never know what tomorrow will bring. It’s usually bad news and lousy tenants.

Guarantor
Always have a Guarantor in place so the chances of claiming against any rental loss and damages incurred by your tenant is maximised.

It costs nothing to setup, all you need is the Guarantor contract. It’s a no-brainer.

Extra resources

12Comply with the law

This may seem like an odd one. But it’s not. It’s one of the more important and efficient ways of keeping costs down and escaping massive penalties.

The problem with complying with the law is that it usually costs money and takes effort, and that’s precisely why it’s often ignored. The costs all adds up; meeting safety obligations, evicting tenants the proper way, and paying heart-sinking taxes. And let’s face it, it’s one of the most inconveniently boring parts of the job (granted, it’s all relatively inconvenient and boring), so there’s no obvious appeal.

While avoiding the legal obligations may seem like a winning money-saving step, in reality, you’re actually creating a ticking time bomb for yourself.

The problem is, you never know who you’re dealing with and what people know, or may learn. All it takes is for a tenant to receive a simple piece of advice, which gives them motivation and grounds to prosecute, and boom… it begins! Let me assure you, getting caught and prosecuted is rarely cheap, and it’s definitely cheaper and easier to comply with the law.

Want to save your livelihood, your family and your wealth? Then do the right thing, even if it’s wrong. Simple.

Extra resources

13Council Tax

I’ve already covered this in the “Refurbishments & Decorations” section, but I felt it deserved a succulent dropdown of its down.

If you’re ever in between tenancies (e.g. the property is vacant) or you’re going through a refurb which makes the property inhabitable, you might be able to qualify for Council Tax Exemption. It’s an easy way to potentially save a couple of hundred pounds. Welcome to the good life.

Extra resources

14Energy Saving Allowance

You can reduce your tax bill by up to £1,500 a year by claiming Landlord’s Energy Saving Allowance for the costs of buying and installing the following energy-saving products for properties you rent out:

Extra resources

15Current rent rates

If you’re not charging your tenants the current going rental rate, you’re effectively losing money each and every month. It’s easy money to be had, so reach it and grab it!

As it’s becoming more of a renters market, rental rates have been spiraling out of a control (whether that’s a good or bad thing is another debate all together), so there’s a steady increase, which means you could pleasantly find yourself significantly undercharging.

It’s always worth investigating the current market rates. Scour through websites like Rightmove and see how much other landlords are demanding in the same area for a similar property. Also, look through your local papers in the lettings section. It might also be worth talking to a few letting agents.

If you’re significantly undercharging, it might be worth increasing your tenants rent (if you’re able to do so legally). Approach this issue with caution though, and find a good balance between fair and competitive, otherwise you could be doing more harm than good.

Always be fair, never selfish.

16Furnished Property

Go unfurnished
I personally don’t provide furnished properties because I find it’s more hassle than it’s worth. If interested, you can read an entire rant on why I don’t provide furniture in my BTLs. To summerise, I believe the extra you can achieve in rent doesn’t compensate for the maintenance/replacement of the furnishings. This is especially true since the 10% Wear & Tear tax relief landlords were entitled to was abolished on the 6th April 2016.

Not to mention the element of added stress and time, when it comes to replacing any broken furnishings and/or fittings. If the tenant is responsible for damage (which they often are), it’s always a difficult issue to tackle.

This also goes back to the premise of providing only what is necessary, no more.

17Extended Warrenties

Who in their right mind willingly opts for the extended warranty bullshit? I do, some times.

When a cashier offers the extended warranty policy on a newly purchased product, it’s usually a condescending, “don’t be ridiculous” moment. They get declined so often that you can tell they hate asking the question, but it’s obvious they’re made to push the sale. Poor things.

However, they can often be worth it, especially for landlords. Assuming that the price is right, I usually obtain the 3-5 year extended warranty when I purchase white goods for my BTL’s. I recently purchased a cooker for £320, and I think I paid £45 extra for a 5 year extended warranty. That warranty guarantees a product replacement service if any faults occur. Worth it.

So before you raise your bushy eyebrows in disgust and snub away the offer, consider that you could be passing up on a money saving opportunity.

18Taxes

You’re paying tax on your rental income, right? Good.

Accountant
An accountant once told me (my accountant actually- go figure), that a good accountant will save you more money than their fee. That’s proven to be true for me.

A good accountant will know all kinds of tax exceptions/breaks that landlords can qualify for. If you have multiple properties, it might even be beneficial to start a limited company and gain particular tax breaks/advantages.

Talk to an accountant and see what they can do for you. Mine charges something like £400 per year. I simply pile together all my receipts and throw a spreadsheet together with all my income, and let him do the rest.

Off-setting taxes
Needless to say, at the very least, a good way of saving money is by off-setting as much of your expenses against your tax bill. Any receipts/invoices associated with the property, including any work spent on repairs and decorating should be kept for record in order to achieve.

Disclaimer: I'm just a simple landlord blogger, I am not qualified to give legal or financial advice. Any advice I give is my opinion based on my experience, and is never legal or professional advice. You should always get professional advice on any legal and financial matters!

30 Comments- Join The Conversation...

As a first time landlord I'm just starting to learn the ropes. Thanks very much for this excellent article, super useful and very entertaining too :-)

1

The Landlord15th July, 2014 @ 19:25

Many thanks, Rob! Appreciated! Glad you found it useful :)

2

PRachman19th July, 2014 @ 22:42

I know you've covered it elsewhere, but one of the most valuable money saving tips you've given (and I wish I'd read it earlier)is the one about not rushing into getting professionals to fix things before you have had a look yourself.9 times out of 10 it is something relatively simple to sort, and you will have wasted £££.

3

The Landlord20th July, 2014 @ 09:25

Ahh of course! Can't believe I missed that point out! Thanks for reminding me, it's now been added to the list!

4

Joanne20th July, 2014 @ 20:50

I'm going back to doing it all myself after using a letting agent for the past few years with unhappy results which I felt I had no control over - at least when I was doing it myself before, all the mistakes were mine and I knew what was going on! The way you write is so accessible and not patronising and has given me the confidence to say that yes actually I'm doing a damn good job in all the circumstances! So this section of your blog is particularly helpful at the moment. Thanks.

5

The Landlord21st July, 2014 @ 08:28

Brilliant, it's always great to hear when landlords are inspired to go it alone! Good luck, and thanks for your comments! :)

6

boboff24th July, 2014 @ 07:05

The forum does not appear to be functioning, which is a shame.

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The Landlord24th July, 2014 @ 08:27

Cheers boboff! I'm working on it right now!

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boboff24th July, 2014 @ 12:47

Good Man.

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Property Investment26th July, 2014 @ 19:14

First time visit on your blog really that was amazing information for all property investment users.
Thanks for giving this information.

10

Richard23rd August, 2014 @ 08:47

I've been a landlord for over 5 years now. All great tips, and I'd agree with them all except the part on agents fees. You may immediately think. 'What's this joker on about?' but I say this with good reason.

I have lived 1-2 hours drive away from my rental property and to do viewings is simply impossible. If I lived closer then I think I'd give an online site a go, but again this would come down to how much time I would have to invest showing people round the property, filing in forms for references, filing the deposit and doing the inventory. I get an agent to do all this for a fixed fee. I agree that one needs to be careful when selecting this agent though. Ensure it is just a finders and move in fee. Make sure you are getting everything thrown in for a fixed price. Most importantly brochure the first time you do this and play the good agents off against each other. Then go back to the same agent, who did the job will last time, and say you want the same service for the same price again. Now some sunshine up their behind to get them to say yes by telling them what a wonderful job they always do.

I like to think of this whole thing as playing them at their own game. One thing I would not do though, is have them manage it. I did this in the first 2 years and it is a complete rip off. Make sure you are only signing up to a finders fee, plus allthe other stuff I mentioned thrown in. I pay £540 inc VAT for this luxury and get quality vetted tenants. Iinvest no time apart from some phone calls to encourage the agent along and I've never had a vacant property or any tenant issues.

I realise I may have got lucky, but after 3 sets of tenants I think my luck would have run out. It works for me. My advice is give it a go and see if it can work for you. Saves a ton of my precious time.

11

Richkid29th August, 2014 @ 23:39

Great info about property, thumbs up.
Richkid

12

Deeks6731st August, 2014 @ 20:59

Great site man , good to read sumfin without all the jargon . Im looking to use pension cash when im 55 next year to start myself off . Ill be watching your blog and will contribute , thanks .
Derek

13

Sonia13th October, 2014 @ 17:42

Hi
I going to be a first time landlord there is much to learn about doing the right things. The property coming with tenants is this better. Do you think I should change the old tenancy agreement. The estate agent who showed me around the property when I was buying. They said they can manage everything for me like the rent and others bits.
Thanks sonia

14

The Landlord13th October, 2014 @ 18:17

For those I haven't replied to and mentioned that they found this page/website useful, thanks for the support, really appreciate it!

@Sonia,

It depends on how good the tenants are, could be a good or bad situation to be in.

I would ask the agent how long the tenants have been there, and maybe even talk to the current landlord to get a tenant reference (although, the odds are the landlord might be biased). However, if the tenants have been there for a long time, it's probably safe to assume they are good, rent-paying tenants. It's well worth talking to the tenants directly as well, just to get an idea of what kind of characters they are.

If everything seems ok, I don't see the point of paying an agent to manage the property. All you're effectively going to be doing is paying them to collect rent and pass it onto you.

15

Stella4th February, 2015 @ 10:58

I am so glad I've stumbled across your site - the honest, down-to-earth advice is invaluable, and very amusing too...thank you!!

From a fledgling landlady

16

Fiona11th February, 2015 @ 22:40

Thanks for all the tips, one question - if maintaining the property yourself (landlord) eg painting windows, pointing etc. How do you claim this on the tax return?

17

The Landlord12th February, 2015 @ 00:38

Hi Fiona,

You don't "claim", you offset the expenses against your profit, so you pay less tax.

18

Diane9th March, 2015 @ 12:30

Hi , we've been doing up a property for a few months now and have paid council tax and water rated although the the property has been unoccupied . Can I claim this against tax relief or does it have to go on capital increase ? Great tips btw.

19

Renee22nd July, 2015 @ 19:06

Hey, your blog is so helpful, currently I'm looking for my first house to buy and need all the info necessary and you have taught me things I have never even heard of. My mum used to be a property developer and she's been out the business quite a while so this is a great freshener. 👍🏾

My idea is to buy a 3/4 bed property and make a house share have you got any recommendations regarding bills, council tax, putting in wifi and how far I should go in regards to furnishing?

Thanks Renee😀

20

wendy10th September, 2015 @ 09:59

Just come across this site very down to earth straight to the point. Luv it, now in my favorites.

21

Sharon28th November, 2015 @ 16:53

Great website.... looking forward to using it and reading blog... by the way wicked sense of humour 😉

22

Isaac7th April, 2016 @ 17:04

I'm refurbishing an old three-bed semi detached house to rent out and had an electrician inspect the property. He said there is no need to rewire the system but I need to update it, including fitting a more modern 10 way consumer unit with 6 RCBOs, as well as various other small jobs. His quote was £2400 + 500 for "unforeseen changes", +VAT. I think this quote is very high indeed.

Do I really need to spend this much on "updating" the electrics, especially when I have to spend so much on all the other stuff and when I'm already over budget?
Your output will be very much appreciated.

23

Stella7th April, 2016 @ 17:19

Get some more quotes. You should never compromise on safety if upgrades are required but you don't want to be paying out any more than you have to as you say. Many companies charge you over the odds if you are a landlord so just be wary of this.

24

Isaac8th April, 2016 @ 10:33

Thank you, Stella. I just had another huge quote for the garden. It's a massive 30 x 10 meters back garden which needs complete turfing. The quote was £1350 just for the turf, plus preparing the soil. My wife suggested doing it ourselves by doing all the pre-preparation and using grass seeds, all for a fraction of the cost. Yes, a bit of hard work but saving a lot of money.

Any other money saving gems from other landlords?....

25

Stella8th April, 2016 @ 11:26

Isaac

I've written a selection of property related articles on hub pages some of which might help you save a few pennies.

Here is a link to one of them :

http://hubpages.com/living/Avoid-the-void

26

Bun-Head8th April, 2016 @ 12:24

I like your site-its Hilarious! I read it for the entertainment value as well as for the information. You put everything down in very simple terms which is refreshing

27

nikki9th June, 2016 @ 05:40

Hello, its my first time renting my home as i am abroad past year.

Any repair work done on my flat during this time, the costs are deducted from the rent payment placed into my bank account. I have asked for invoices of the costs and the estate agents will not give it to me. so i don't know if they are charging me alot and taking some of the money for themselves or not. in other words i don't know if tey are honest or not. do i have right to get invoices. i haev asked many times and they will not give it to me. can you please advise me?

28

jules23rd September, 2017 @ 16:40

I'm finding this site very helpful after falling into a few newbie mistakes but letting out second time around I will be more vigilant with paper work. thanks

29

adam24th January, 2018 @ 19:30

Hi. Can you clarify answer 19 pls. If you maintain the property yourself you can claim the expenses of the materials but not the labour.

A little introduction...

I initially started this blog because I wanted to document my every step to becoming a BTL landlord,
in hope that others' (with more experience) would discover my dronings and have the heart to help me - a beetle on its back - along the way. I literally didn't have a clue about being a landlord
when I started this website.

Having expanded my property portfolio over the years, I now occassionally blog about my bitter life as a Landlord, so fellow Landlords (prospective, new, and seasoned) can learn from my few successes and frequent failures.

Important

It's important you understand that this is a personal blog, and the aim is to provide the best
guides, tips, tools and techniques to being a Landlord. Everything I share is based on my own personal experiences as a landlord,
so the information is NOT guaranteed to be perfect, and should NOT be used as legal or financial guidance, so do note you use the information at
your own risk and I cannot accept liability if things go wrong. You should always seek advice from a qualified professional for any legal or financial matters.
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